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He expects the overall demand in rural markets to improve in the January-March quarter once harvests are completed and farmers receive money in their hands. Commodity inflation will further ease out by then thus providing more buoyancy, he added.

"Given how far U.S. bond yields and the dollar have dropped in the past couple of weeks, we think there is a good chance that they rebound if the Fed minutes are in line with the recent hawkish language from members," said Jonas Goltermann, a senior markets economist at Capital Economics.

Asian share markets turned hesitant as investors fretted about the economic fallout from fresh COVID-19 restrictions in China, also the top bullion consumer, while bonds and the dollar braced for more updates on U.S. monetary policy.

China is re-emerging as a competitor for international investors’ funds. As China begins to ease curbs and move to focus on the economy, it’s beaten down valuations vis a vis India’s steepest valuations could turn out to be India’s disadvantage and temper down flows.

There is also a concern in the industry that any major uptick in steel price could make the government reconsider export duties, they said.

On Sunday evening, the country’s largest depository by way of active demat accounts said that its systems had been made live after due checks and validations.

The US EIA recently trimmed its crude oil demand outlook for 2023 by 320,000 barrels per day, with supply also falling by 300,000 bpd. The oil producers’ cartel, OPEC, also revised its oil demand forecast for next year given the mounting economic challenges like high inflation and rising interest rates. In addition, the group warned that global supplies might become more vulnerable in the near future.

The derivative data shows that Nifty has a stiff resistance between 18,300-18,400 levels. The markets will remain under consolidation so long as it trades below this zone. Fresh resumption of up-move shall happen only after Nifty moves above 18400 levels. Volatility remained unchanged; India Vix declined just 0.10% to 14.39.

“Being in a different time zone gives me the privilege to do trading with a full-time job as most of my office tasks have finished by the time the Indian market starts. So my trading doesn’t impact my job, and similarly, my job doesn’t impact my trading,” says the NRI.

Buying remained quite strong from the poultry and starch industries to cover their demand, as their buying remained hand-to-mouth in the previous few months due to higher prices.